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Treasury yields edged higher after PCE data, holding near recent levels
The 10-year yield, which saw multiple ceiling bounces around 4.67%, moved up after the morning PCE release while oil prices swung by about $3 from 5am to noon ET.
Mortgage News Daily reports that bonds weakened on the day, but the move was not described as unequivocally negative. Yields were near the prior session's lows ahead of the morning PCE release, then rose after the data came out.
The outlet pointed to oil price volatility as a second driver, saying oil moved up by roughly $3 between 5am and noon ET. Even with those headwinds, bonds reportedly lost only minimal ground and stayed below the previous day's high-yield levels.
According to Mortgage News Daily, the 10-year yield showed multiple ceiling bounces at 4.67%. The piece added that if incoming data is weaker and oil prices trend lower, there is room for bonds to challenge this week's best levels again.